Sonim Reports Third Quarter 2024 Results, Expands into Large New Addressable Markets with Additional Products

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Expands reach in North America and Australia with launch of new mobile hotspots; launched new rugged phone in Europe San Diego, California--(Newsfile Corp. - November 13, 2024) - Sonim Technologies, ...

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launched new rugged phone in Europe\nSan Diego, California--(Newsfile Corp. - November 13, 2024) - Sonim Technologies, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sonim-reports-third-quarter-2024-211500415.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SONM","symbol_name":"Sonim Technologies Inc","start_time":0,"source_url":"https://finance.yahoo.com/news/sonim-reports-third-quarter-2024-211500415.html","article_id":"2483863922","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/mOKRZpi.KeOysG.HjvLfPw--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/newsfile_64/9578c9d68e8db51611bfb92923bd91c2"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/sonim-reports-third-quarter-2024-211500415.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2483863922","pubTimestamp":1731532500,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Expands reach in North America and Australia with launch of new mobile hotspots; launched new rugged phone in Europe. San Diego, California-- - Sonim Technologies, Inc. , a leading provider of mobility solutions that include ultra-rugged and rugged phones, connected devices, software, services and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the quarter ended September 30, 2024.Net revenues increased 30.4% sequentially to $15.0 million, from $11.5 million in the second quarter. GAAP net loss for the quarter was $2.5 million, compared to $6.6 million, which included a $3.2 million impairment charge, in the second quarter. Ended the quarter with cash and cash equivalents totaling $9.1 million, trade accounts receivable of $5.2 million, and inventory valued at $12.4 million. Expanded new product launch activity with carriers and distributors in North America, Europe, South Africa, an","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SONM":"Sonim Technologies Inc","BK4170":"电脑硬件、储存设备及电脑周边"},"translate_title":"Sonim公布2024年第三季度业绩，通过更多产品拓展大型新目标市场","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SONM":0.9},"content_text":"Expands reach in North America and Australia with launch of new mobile hotspots; launched new rugged phone in Europe\nSan Diego, California--(Newsfile Corp. - November 13, 2024) - Sonim Technologies, Inc. (Nasdaq: SONM), a leading provider of mobility solutions that include ultra-rugged and rugged phones, connected devices, software, services and accessories designed to provide extra protection for users that demand more durability in their work and everyday lives, reported financial results for the quarter ended September 30, 2024. \nThird Quarter 2024 and Recent Highlights\n\nNet revenues increased 30.4% sequentially to $15.0 million, from $11.5 million in the second quarter \nGAAP net loss for the quarter was $2.5 million, compared to $6.6 million, which included a $3.2 million impairment charge, in the second quarter \nAdjusted EBITDA[*]was negative $1.1 million, improved from negative $2.0 million in the second quarter 2024\nEnded the quarter with cash and cash equivalents totaling $9.1 million, trade accounts receivable of $5.2 million, and inventory valued at $12.4 million \nExpanded new product launch activity with carriers and distributors in North America, Europe, South Africa, and Australia for Sonim's new portfolio of connected solutions and next-generation rugged devices\nUnveiled new XP400 smartphone and XP100 feature phone devices for the European and South African markets\nLaunched new H700 5G rugged mobile hotspot device in Australia, the industry's first rugged Release 17 5G, Wi-Fi 7 mobile hotspot\nLaunched new H500 5G rugged mobile hotspot with Verizon Wireless in North America, the industry's first rugged 5G millimeter wave mobile hotspot\nSecured a major device upgrade agreement with a leading Fortune 500 company in the food and beverage industry, strengthening Sonim's reputation as a reliable brand and partner for enterprise field workers\n\nPeter Liu, Sonim's Chief Executive Officer, said: \"Revenue grew in the third quarter as demand for our existing rugged smartphones increased and major global markets expand their adoption of our new rugged mobile phone and connected solutions devices, a trend we expect to continue in the fourth quarter. We are executing on a robust portfolio of design awards with tier-one carriers in North America, Australia and Europe, allowing us to tap into a vast and varied global market to provide reliable and rugged communication solutions to customers worldwide.\n\"We also made significant progress in Europe, an important part of our commercial outlook. We have expanded distribution and added key sales and marketing personnel to service customers needing a reliable new solution provider following the departure of a major rugged device provider.\"\nThird Quarter 2024 Financial Results\nRevenue for the third quarter of 2024 was $15.0 million, an increase from $11.5 million in the second quarter of 2024. Revenue increased due to higher demand for the Company's rugged phones. \nGross profit for the third quarter of 2024 was $4.2 million, or 28.2% of revenues, an increase from second quarter of 2024 gross profit of $3.0 million, or 25.8% of revenues. The improved gross margin reflected the Company's exit from lower margin white-label products and the launch of additional new products at top global carriers.\nOperating expenses for the third quarter of 2024 were $6.6 million, a decrease from $9.4 million in the preceding quarter that included a charge of $3.2 million for impairment of contract fulfillment assets. Excluding the impairment charge, operating expenses increased $0.4 million due to higher legal expenses.\nNet loss in the third quarter of 2024 was $2.5 million, a decrease from a net loss of $6.6 million, which included a $3.2 million impairment charge, in the second quarter of 2024. Adjusted EBITDA* was negative $1.1 million for the third quarter of 2024, compared to negative $2.0 million in the second quarter of 2024. \n\"The third quarter initiated sequential growth in our rugged mobile product lines after our strategic exit from a lower margin ODM business that accounted for approximately half of our revenue in 2023 and significant revenue in the first quarter of 2024,\" said Clay Crolius, Chief Financial Officer of Sonim.\nBalance Sheet and Working Capital\nSonim ended the third quarter of 2024 with $9.1 million in cash and equivalents and remained essentially debt free. Trade accounts receivable was $5.2 million and inventory was $12.4 million as the Company prepared for an additional new product launch with a tier one carrier. \nAbout Sonim TechnologiesSonim Technologies is a leading U.S. provider of ultra-rugged and rugged mobile solutions, including phones, wireless internet data devices, accessories and software designed to provide extra protection for users that demand more durability in their work and everyday lives. Trusted by first responders, government, and Fortune 500 customers since 1999, we currently sell our ruggedized mobility solutions through tier one wireless carriers and distributors in North America, EMEA, and Australia/New Zealand. Sonim devices and accessories connect users with voice, data, workflow and lifestyle applications that enhance the user experience while providing an extra level of protection. For more information, visit www.sonimtech.com.\nImportant Cautions Regarding Forward-Looking Statements\nThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, the projected revenue growth, the declaring and reaffirming of Sonim's business strategy and objectives, the timing of the availability of the new products, the successful expansion of Sonim's products in new markets, the impact of certain events on Sonim's business, and Sonim's ability to grow and to capitalize the market opportunity. These forward-looking statements are based on Sonim's current expectations, estimates and projections about its business and industry, management's beliefs and certain assumptions made by Sonim, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as \"achieve,\" \"aim,\" \"ambitions,\" \"anticipate,\" \"believe,\" \"committed,\" \"continue,\" \"could,\" \"designed,\" \"estimate,\" \"expect,\" \"forecast,\" \"future,\" \"goals,\" \"grow,\" \"guidance,\" \"intend,\" \"likely,\" \"may,\" \"milestone,\" \"objective,\" \"on track,\" \"opportunity,\" \"outlook,\" \"pending,\" \"plan,\" \"position,\" \"possible,\" \"potential,\" \"predict,\" \"progress,\" \"promises,\" \"roadmap,\" \"seek,\" \"should,\" \"strive,\" \"targets,\" \"to be,\" \"upcoming,\" \"will,\" \"would,\" and variations of such words and similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include, but are not limited to, the following: the availability of cash on hand; potential material delays in realizing projected timelines; Sonim's material dependence on its relationship with a small number of customers who account for a significant portion of Sonim's revenue; Sonim's entry into the data device sector could divert our management team's attention from existing products; risks related to Sonim's ability to comply with the continued listing standards of the Nasdaq Stock Market and the potential delisting of Sonim's common stock; Sonim's ability to continue to develop solutions to address user needs effectively, including its next-generation products; Sonim's reliance on third-party contract manufacturers and partners; Sonim's ability to stay ahead of the competition; Sonim's ongoing transformation of its business; the variation of Sonim's quarterly results; the lengthy customization and certification processes for Sonim's wireless carries customers; various economic, political, environmental, social, and market events beyond Sonim's control, as well as the other risk factors described under \"Risk Factors\" included in Sonim's most recent Annual Report on Form 10-K and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission (available at www.sec.gov). Sonim cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Sonim assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law. \n\nInvestor ContactMatt KrepsDarrow Associates Investor Relationsmkreps@darrowir.com M: 214-597-8200\nMedia ContactAnette GavenSonim Technologies M: 619-993-3058pr@sonimtech.com \n\nSONIM TECHNOLOGIES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS EXCEPT SHARE ANDPER SHARE AMOUNTS)\n\n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n\n\n(Unaudited)\n\n\n\n\n\nAssets\n\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n9,060\n\n$\n9,397\n\n\n\nAccounts receivable, net\n\n\n5,240\n\n\n25,304\n\n\n\nNon-trade receivable\n\n\n4,322\n\n\n961\n\n\n\nRelated party receivable\n\n\n644\n\n\n-\n\n\n\nInventory\n\n\n12,374\n\n\n6,517\n\n\n\nPrepaid expenses and other current assets\n\n\n2,224\n\n\n1,608\n\n\n\n    Total current assets\n\n\n33,864\n\n\n43,787\n\n\n\nProperty and equipment, net\n\n\n239\n\n\n71\n\n\n\nContract fulfillment assets\n\n\n12,063\n\n\n9,232\n\n\n\nOther assets\n\n\n2,981\n\n\n2,953\n\n\n\n    Total assets\n\n$\n49,147\n\n$\n56,043\n\n\n\nLiabilities and stockholders' equity\n\n\n \n\n\n \n\n\n\nAccounts payable\n\n$\n9,056\n\n$\n19,847\n\n\n\nAccrued liabilities\n\n\n23,128\n\n\n12,300\n\n\n\nTotal current liabilities\n\n\n32,184\n\n\n32,147\n\n\n\nIncome tax payable\n\n\n1,614\n\n\n1,528\n\n\n\n    Total liabilities\n\n\n33,798\n\n\n33,675\n\n\n\nCommitments and contingencies\n\n\n \n\n\n \n\n\n\nStockholders' equity\n\n\n \n\n\n \n\n\n\nCommon stock, $0.001 par value per share; 100,000,000 shares authorized: and 4,871,639 and 4,426,867 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively (*)\n\n\n5\n\n\n4\n\n\n\nPreferred stock, $0.001 par value per share, 5,000,000 shares authorized, and no shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively\n\n\n-\n\n\n-\n\n\n\nAdditional paid-in capital (*)\n\n\n277,338\n\n\n272,324\n\n\n\nAccumulated deficit\n\n\n(261,994\n)\n\n(249,960\n)\n\n\n    Total stockholders' equity\n\n\n15,349\n\n\n22,368\n\n\n\n  Total liabilities and stockholders' equity\n\n$\n49,147\n\n$\n56,043\n\n\n\n\n(*) Adjusted retroactively to reflect the 1-for-10 reverse stock split that became effective on July 17, 2024.\nSONIM TECHNOLOGIES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)(UNAUDITED)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\nSeptember 30,\n\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\nNet revenues\n\n$\n 15,022 \n\n$\n27,566\n\n$\n35,656\n\n$\n80,202\n\n\n\nRelated party net revenues\n\n\n-\n\n\n-\n\n\n7,658\n\n\n-\n\n\n\n  Total net revenues\n\n\n15,022\n\n\n27,566\n\n\n43,314\n\n\n80,202\n\n\n\nCost of revenues\n\n\n10,790\n\n\n21,963\n\n\n33,211\n\n\n65,998\n\n\n\n    Gross profit\n\n\n4,232\n\n\n5,603\n\n\n10,103\n\n\n14,204\n\n\n\nOperating expenses\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n  Research and development\n\n\n715\n\n\n741\n\n\n1,728\n\n\n846\n\n\n\n  Sales and marketing\n\n\n3,045\n\n\n2,133\n\n\n8,756\n\n\n5,717\n\n\n\n  General and administrative\n\n\n2,848\n\n\n2,041\n\n\n7,937\n\n\n5,873\n\n\n\n  Impairment of contract fulfillment assets\n\n\n-\n\n\n-\n\n\n3,217\n\n\n-\n\n\n\n    Total operating expenses\n\n\n6,608\n\n\n4,915\n\n\n21,638\n\n\n12,436\n\n\n\nIncome (loss) from operations\n\n\n(2,376\n)\n\n688\n\n\n(11,535\n)\n\n1,768\n\n\n\nInterest expense, net\n\n\n-\n\n\n(6\n)\n\n(17\n)\n\n(11\n)\n\n\nOther expense, net\n\n\n(19\n)\n\n(59\n)\n\n(203\n)\n\n(213\n)\n\n\nIncome (loss) before income taxes\n\n\n(2,395\n)\n\n623\n\n\n(11,755\n)\n\n1,544\n\n\n\nIncome tax expense\n\n\n(117\n)\n\n(96\n)\n\n(279\n)\n\n(281\n)\n\n\nNet income (loss)\n\n$\n(2,512\n)\n$\n527\n\n$\n(12,034\n)\n$\n1,263\n\n\n\nNet income (loss) per share:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n  Basic(*)\n\n$\n(0.52\n)\n$\n0.12\n\n$\n(2.58\n)\n$\n0.30\n\n\n\n  Diluted(*)\n\n$\n(0.52\n)\n$\n0.12\n\n$\n(2.58\n)\n$\n0.29\n\n\n\nWeighted-average shares used in computing net income (loss) per share:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n  Basic(*)\n\n\n4,848,999\n\n\n4,303,931\n\n\n4,658,193\n\n\n4,245,717\n\n\n\n  Diluted(*)\n\n\n4,848,999\n\n\n4,418,026\n\n\n4,658,193\n\n\n4,372,328\n\n\n\n\n(*) Adjusted retroactively to reflect the 1-for-10 reverse stock split that became effective on July 17, 2024.\nNon-GAAP Financial Measures\nIn addition to our financial results determined in accordance with U.S. GAAP, we believe the following non-GAAP and operational measures are useful in evaluating our performance-related metrics and present them as a supplemental measure of our performance.\nAdjusted EBITDA\nWe define Adjusted EBITDA as net loss adjusted to exclude the impact of one-time non-cash asset impairment costs, stock-based compensation expense, depreciation and amortization, interest expense, and income taxes. Adjusted EBITDA is a useful financial metric in assessing our operating performance from period to period by excluding certain items that we believe are not representative of our core business, such as certain material non-cash items and other adjustments, such as stock-based compensation.\nWe believe that Adjusted EBITDA, viewed in addition to, and not in lieu of, our reported GAAP results, provides useful information to investors regarding our performance and overall results of operations for various reasons, including: one-time non-cash asset impairment costs as they do not reflect normal operations; non-cash equity grants made to employees at a certain price do not necessarily reflect the performance of our business at such time, and as such, stock-based compensation expense is not a key measure of our operating performance; and non-cash depreciation and amortization are not considered a key measure of our operating performance. We use Adjusted EBITDA: as a measure of operating performance; for planning purposes, including the preparation of budgets and forecasts; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; in communications with our board of directors concerning our financial performance; and as a consideration in determining compensation for certain key employees.\nAdjusted EBITDA has limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include: it does not reflect all cash expenditures, future requirements for capital expenditures or contractual commitments; it does not reflect changes in, or cash requirements for, working capital needs; it does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments; and other companies in our industry may define and/or calculate this metric differently than we do, limiting its usefulness as a comparative measure.\nSet forth below is a reconciliation from net loss to Adjusted EBITDA for the respective periods (in thousands):\n\n\n\n\n\nThree Months Ended \n\n\n\n\n\nSeptember 30,2024\n\nJune 30,2024\n\n\n\nNet loss\n\n$\n(2,512\n)\n$\n(6,616\n)\n\n\n  Impairment of contract fulfillment assets\n\n\n-\n\n\n3,217\n\n\n\n  Depreciation and amortization\n\n\n918\n\n\n845\n\n\n\n  Stock-based compensation\n\n\n373\n\n\n472\n\n\n\n  Interest expense\n\n\n-\n\n\n17\n\n\n\n  Income taxes\n\n\n117\n\n\n37\n\n\n\nAdjusted EBITDA\n\n$\n(1,104\n)\n$\n(2,028\n)\n\n\n\n\n[*] Non-GAAP financial measure. An explanation and reconciliation of non-GAAP financial measures are presented at the end of this press release. \n\nTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/229820","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483863922"}